Friday's executive action also allows for Cuban pharmaceuticals to be imported to the U.S. and tested for possible government approval.

"Cuba has claims of a very strong pharmaceutical industry," said Maxwell. "This [allows] U.S. companies to explore that and test these drugs. This is important to Cuba and potentially U.S. persons and companies if in fact the drugs are effective."

The new rules also permit U.S. companies and professionals to work on projects in Cuba. In the past, U.S. companies could only sell equipment to Cuba, but now Americans can sell their design and engineering work, Maxwell explained.

"This was obviously the last push for the administration, and I think they feel they have exhausted what they can do. It will be up to the next president and Congress to move the relationship forward."